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cmadison
Sep 25, 2007, 06:51 AM
If a loan comes in to say.. The general fund.

I would account for it by the following journal entry -

Dr. Cash
Cr. Proceeds from Loans

Then, If I transfer the money to another fund. Maybe a special service fund, I would account for it by -

Dr. Due from Other Fund
Cr. Cash

But, I know I'm leaving something out here. I need to record the liability that is still present in the general fund. What am I doing wrong?